If you're truly looking for a luxury home, there are certain cities where you'll need to act more quickly, according to a new study from Trulia. The real estate site studied the 100 largest U.S. housing markets to find where luxury homes -- defined as the priciest 2 percent of homes in each market -- sold the fastest. Trulia checked luxury home listings in early February, then came back 60 days later to see which homes were still on the market.

It makes sense that neighborhoods in and around Silicon Valley would have posh homes seemingly flying off the shelves. Booming Detroit saw quick movers, too, and less stereotypically pricey cities like Omaha and Little Rock also made the list.

But no matter where you're looking (or window shopping) for a luxury home, there's no need to fret: they almost always sell more slowly than regular homes, according to Ralph McLaughlin, a Trulia housing economist.

5 Neighborhoods to Buy Into Now

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Red Hook

An emerging neighborhood in southwest Brooklyn, Red Hook has experienced more ups and downs in the last ten years than many areas face in decades. Separated from the rest of Brooklyn by the Brooklyn Queens Expressway, Red Hook’s uniquely isolated position has allowed it to develop more neighborhood character than most. Red Hook was briefly hot in the early 00s, before cooling down, making it seem as if its growth was just a false start. Development has reignited, however, with a spate of bars and restaurants that have moved into the area like Red Hook Lobster Pound and Fort Defiance, as well as large retail mainstays Fairway and Ikea. Then came Hurricane Sandy, which hit Red Hook particularly hard but showed off, more than its destructive power, the impressive ability of the locals to rebuild. Temporarily, Sandy depressed housing prices dropped 20 percent immediately in the wake of the storm, according to Miller Samuel Appraisers. But this only suggests that now might be an ideal time for investment, as the slight increase in housing inventory after Sandy is almost certain to be fleeting. "People have forgotten about Sandy in Red Hook,” says Executive Vice President Doug Bowen of real estate agency CORE, “The allure of that particular waterfront community is quite strong right now.” Get in before the waterfront is completely transformed by oft-rumored luxury condo developments.
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